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Why is Schedule E not allowing me to offset net income on Property B when I have passive loss carryover and losses from other properties?
I have three rental properties (in three separate states). Property A has a net income that was offset by passive loss carryovers. Property B (put into use in 2022) also has net income, but this is not being offset by additional passive loss carryovers (generated in prior years from Property A). Furthermore, Property C operated at a loss and those also did not offset Property B's net income. What am I doing wrong or not understanding?
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‎February 24, 2023
4:26 AM